# Prof. Thomas Philippon's research on the finance industry

1 June 11, 2016 The Economist ![The Economist logo](/sites/default/files/styles/246w/public/assets/images/uat_025662.jpg?itok=1_MW1PTy)>

Excerpt from [The Economist](http://www.economist.com/news/finance-and-economics/21700402-new-book-argues-finance-industry-needs-reform-secret-agents) -- "Financial titans might splutter into their champagne at Mr [Philippon](http://www.stern.nyu.edu/faculty/bio/thomas-philippon)’s finding, and point to the reduction in trading spreads or even the rise of firms like Vanguard. But it is the cost to the end-user that is the key. Mr Philippon’s data suggest that money saved in one area has been offset by new charges elsewhere."

[Read more](http://www.economist.com/news/finance-and-economics/21700402-new-book-argues-finance-industry-needs-reform-secret-agents)